Boost your retirement savings


Pre-retirees can take advantage of a range of strategies to boost their nest egg.

Here are three popular ways to top up your retirement savings:

Maximise contributions
Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,000 for all age groups.

Consider spouse contributions
Spouse contributions are super contributions made on behalf of your spouse. Generally, you can claim a tax offset of up to $540 per year if your spouse is a low-income earner or is not working. From 1 July 2017, the spouse’s income threshold will be increased to $40,000 to assist more couples to support each other in saving for retirement.

Keep on working
The longer you work means more time to leave your savings untouched and additional time to contribute to super. Delaying retirement leads to a shorter retirement and hence more savings. You may also consider working part-time to enjoy income while waiting until Age pension age.

Categories

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


+ There are no comments

Add yours